9-Unit Condo Rental
217-221 E Burk Avenue Wildwood, NJ 08260
For Sale
$2,295,000
Nine individually deeded condo units are operating as short-term summer rentals, with an additional buildable lot included in the package.
Property Size6,000 SF
Price / SF$382.50
Days on Market155
Property Features for 217-221 E Burk Avenue
General Information
Standard status
Active
Size
6,000 SF
Property subtype
Multi-family
Building Details
Year Built
1960
Listing Agency:
Prime Realty Partners
Listed By:
John Rinick
(800) 299-2129
Source:
Actionplusrealty
Added: Feb 23
Changed: Jul 25
Last Checked: Jul 26 at 11:10PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Prime Realty Partners
Investment Insights
Based on property information with market context.
This package offers a 9-unit condo portfolio comprising nine individually deeded condominium units. Eight units are configured as 2-bedroom, 1-bath, and one rear cottage provides a 1-bedroom, 1-bath layout. The property has undergone extensive renovations within the past year and a half, including full rehab, condo conversion, and elevation certificate work.
A separate additional lot is included and is currently used as tenant parking. The lot has room to accommodate the construction of one or two homes, similar to neighboring properties at 223 and 225.
All units are currently operating as short-term summer rentals and are taking reservations, with the property positioned just blocks from the beach, boardwalk, and Convention Center.
A separate additional lot is included and is currently used as tenant parking. The lot has room to accommodate the construction of one or two homes, similar to neighboring properties at 223 and 225.
All units are currently operating as short-term summer rentals and are taking reservations, with the property positioned just blocks from the beach, boardwalk, and Convention Center.
Key Highlights
- 9 individually deeded condominium units in Wildwood, NJ, offered as a package deal with an additional buildable lot
- Unit mix: eight 2‑bedroom, 1‑bath condos plus one rear cottage with 1 bedroom and 1 bath
- All units are operating as short‑term summer rentals and are currently taking reservations
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $156.2k | $26.04 |
| − Vacancy | −$7.8k | −$1.30 |
| EGI | $148.4k | $24.74 |
| − OpEx | −$66.8k | −$11.13 |
| NOI | $81.6k | $13.61 |
6,000 SF · lease $26.04/SF/yr · vacancy 5.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.17M
$1.02M – $1.36M
NOI $81,635 @ 7.0% cap · market cap 3.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.84M
$1.61M – $2.14M
NOI $128,563 @ 7.0% cap · market cap 5.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Nine individually deeded condo units are operating as short-term summer rentals, with an additional buildable lot included in the package.
Where is this apartment building located?
The property is located at 217-221 E Burk Avenue Wildwood, NJ.
What is the asking price?
The asking price for this property is $2,295,000.
What are key features of this property?
This property features: 9 individually deeded condominium units in Wildwood, NJ, offered as a package deal with an additional buildable lot; Unit mix: eight 2‑bedroom, 1‑bath condos plus one rear cottage with 1 bedroom and 1 bath; All units are operating as short‑term summer rentals and are currently taking reservations
